RMS predicts total flood losses of £3.25bn
The June and July floods that gripped parts of the U.K. could cost insurers between £2.25bn and £3.25bn in total, according to latest estimates by Risk Management Solutions (RMS).
Insured losses from the July flood are likely to be between £1bn and £1.5bn, with the estimated cost of the 25 June flood ranging from £1.25bn to £1.75bn. These figures could be higher than many insurers expected, based on their initial estimates of the risk.
RMS analysis of the more than 1,000 affected postcodes indicated that almost 70% of the areas impacted by the July floods were in areas considered to be off the major river floodplains.
“Many insurers assess their flood risk exposure based
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